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HMD Global raises $100m to fund major Nokia expansion

HMD Global has raised $100 million in new funding as it seeks to re-establish the Nokia brand as a major force in the mobile market once again.

The Finnish startup has released 16 devices bearing the famous name under licence and claims to have sold more than 70 million handsets around the world since 2016. Last year, it posted revenues of $2.13 billion and an operational loss of $77 million.

The new investment gives HMD a market valuation in excess of $1 billion will fund further expansion later this year.

HMD Global’s Nokia expansion

This will see it “aggressively” expand its device portfolio into further segments of the market and to expand its channel reach in strategic markets. At present, the firm has sales operations in more than 80 countries and more than 600 direct trade partners. In total, Nokia devices are sold in more than 250,000 retail outlets.

“We are thrilled to have these investors join us in our journey to script the next chapter of Nokia phones,” said Florian Seiche, CEO of HMD Global.

“It is our ambition to deliver great smartphones that delight our fans while staying true to our Finnish roots and the hallmarks that the Nokia brand has always been known for. We aim to be among the top smartphone players globally and our success to date gives us the confidence to further continue on a growth path in 2018 and beyond.”

The most recent Nokia device to be revealed is the Nokia X6, a full screen device (complete with the now ubiquitous ‘notch’), but it was the reimagined Nokia 3310 last year that gained the most headlines.

Nokia was once the world’s largest mobile manufacturer, but it sold its devices and services business to Microsoft in 2013.